President Bola Tinubu on Monday welcomed the imminent return of Petrobras, Brazil’s state-owned oil company, to Nigeria, five years after it suspended joint venture operations in the country.
Speaking at a joint press conference in Brasília during his state visit to Brazil, Tinubu said Petrobras’ comeback would reignite economic cooperation in the energy sector between both nations.
“We have the largest gas repository. So, I don’t see why Petrobras doesn’t join as a partner in Nigeria as soon as possible. I appreciate President Lula’s promise that this will be done as soon as possible,” the President said.
Tinubu also commended his Brazilian counterpart, Luiz Inácio Lula da Silva, for his commitment to revitalising bilateral ties, stressing that Nigeria remained a fertile ground for investment.
“Our economic space remains a virgin land, full of opportunities for Brazilian companies,” he said.
The President also acknowledged Embraer’s ongoing efforts to boost Nigeria’s aviation sector, particularly through the establishment of a service centre to cater for airline repairs and maintenance in West Africa.
Tinubu, who recalled previous visits to Brazil, said the two countries must move beyond symbolic ties to concrete economic cooperation.
“We tried to see why we are not at the level we wanted. We have allowed some problems in the past to deter us from making progress. But today, we say that is the end of that,” he stated.
He highlighted areas of cooperation including technology transfer, food security, manufacturing, renewable energy, healthcare, and pharmaceuticals.
“I don’t know why the manufacturing of generic drugs, which Brazil has done deeply and far, cannot be in Nigeria,” Tinubu said, adding that knowledge-sharing was crucial for both countries’ sovereignty and growth.
The President further assured investors that Nigeria’s economic reforms were yielding positive results.
“The reforms I’ve embarked upon since I took over in Nigeria have been very impactful. It was initially painful, but today the result is blossoming. We have more money for the economy, and there will be no more corruption,” he declared.
Tinubu also noted that Nigeria’s foreign exchange market had been liberalised, saying, “You don’t have to know the Central Bank Governor before getting forex. The speculators are out. The door is open for businesses.”
During the visit, Nigeria and Brazil signed five Memoranda of Understanding covering trade, diplomacy, science, aviation, and finance.
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